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Covington Advises SandRidge Energy on $250M Preferred Stock Offering

November 10, 2010

WASHINGTON, DC, November 10, 2010 — SandRidge Energy, Inc. has announced a private offering, which closed today, of 2.5 million shares of its 7.0% convertible perpetual preferred stock for net proceeds of approximately $242 million. The company has also granted an option to the initial purchasers to purchase an additional 500,000 shares, or $50 million, of the preferred stock to cover over-allotments, which the initial purchasers have exercised in full. Covington & Burling LLP advised SandRidge Energy on the transaction.

SandRidge Energy is an oil and natural gas company headquartered in Oklahoma City, Oklahoma with its principal focus on exploration and production. Net proceeds from this offering will be used for general corporate purposes, including to repay a portion of the amount outstanding under the company’s revolving credit facility and to fund the company's capital expenditure program.

The Covington corporate team was led by partner David Engvall, with associates Matthew Franker, Leah Graham and Elizabeth DeYoung. All are based in the firm’s Washington office.

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